Accumulated depreciation is reported on the statement of financial position Select one: O True O False

Accounting Jan 19, 2021

Expert Solution

Answer: Accumulated depreciation is reported on the statement of financial position.

Accumulated depreciation is the total amount of depreciation charged on asset till date. Depreciation decreases cost of an asset. It is a distribution of cost of an asset. To show the true value of asset, accumulated depreciation should be shown on the statement of financial position as a deduction from the cost of corresponding fixed asset.

Hence, Statement given in question is True.

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